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BONDS: Off Highs Into U.S. CPI, Gilts Outperform

BONDS

{wo} BONDS: Core global FI markets have faded a little from session highs, with NY participants unwilling to push things much further after 2-Year Tsy yields hit fresh cycle lows.

  • Uptick from yesterday’s ’24 lows in crude oil futures may also have factored in a little, although didn’t hamper the bid in the London morning.
  • Tsy curve ultimately a touch flatter post Harris-Biden, 2s10s and 5s30s just off ’24 steeps.
  • Gilts outperform global peers, with both UK & German curves bull steepening (mix of softer-than-expected UK GDP data and catch up to late Monday U.S. Tsy moves noted).
  • Peripheral EGB spreads to Bunds biased tighter on the day, BTPs outperform.
  • U.S. CPI data headlines the macro calendar today, our full preview of that release is here.
  • 32bp of cuts priced for next week’s FOMC decision ahead of the data, just under 115bp of cuts showing through year-end.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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